VANCOUVER, Jan. 21, 2014 /CNW/ - Following a disciplinary hearing held from October 7-10 and 15-17, 2013, in Vancouver, B.C., a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that Catherine Deborah Jones engaged in discretionary trading and made unsuitable recommendations in a client's account. The Panel also found that Ms. Jones misrepresented the nature of certain solicited orders by marking them as unsolicited and communicated with the same client using an email address not approved by the firm. Another allegation that Ms. Jones provided misleading information to IIROC staff during their investigation was not proven.
The Hearing Panel's decision dated December 16, 2013, is available at:
Specifically, the Hearing Panel found that Ms. Jones committed the following violations:
|a)||Between March 2009 and March 2010, Ms. Jones engaged in discretionary trading in her client's accounts without first having the accounts approved and accepted as discretionary accounts, contrary to IIROC Dealer Member Rule 1300.4 and 1300.5;|
|b)||Between March 2009 and July 2010, Ms. Jones failed to ensure that the use of margin in her client's account was suitable for them and in keeping with the client's investment objectives and personal circumstances, contrary to IIROC Dealer Member 1300.1(q);|
|c)||Between January 2009 and May 2010, Ms. Jones misrepresented the nature of certain solicited orders by marking them as unsolicited, contrary to Dealer Member Rule 29.1; and|
|d)||Between September and November 2009, Ms. Jones breached her firm's internal policy by communicating with her client regarding her account by way of an email address not approved by the firm, contrary to IIROC Dealer Member Rule 29.1.|
A separate hearing will be held to determine the penalty to be imposed on Ms. Jones, the date of which will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Ms. Jones' conduct in February 2011. The violations occurred when she was a Registered Representative with the Vancouver branch of Leede Financial Markets Inc., an IIROC-regulated firm. Ms. Jones is currently a Registered Representative with the Vancouver branch of Global Securities Corporation, an IIROC-regulated firm.
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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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Enforcement Notice - IN THE MATTER OF Catherine Deborah Jones - Discipline Decision - Liability
Jan 21, 2014, 12:39 EST